MarketWatch – USDA Bullish Wheat and Corn, Mildly Bearish Beans

Corn carry is near pipeline and Wheat also well below average guess and last months report. Beans almost Neutral.

Good report overall but probably not strong enough on its own to repair most of the chart damage to date. Continued dryness in US and a shift away from good conditions in S.America will be needed to rally back toward any highs.

But this report may lay the groundwork for a support line in Canola to build on in the coming months before Brazil and Argentina come off.

We may get some decent traction out of Corn and Wheat for both the Durum and Pea markets. Price action over the next few trading days will be our tell.